Five top Engineering Goods’ export destinations of India register impressive growth
Engineering Goods sector that constitutes the largest total exports basket of the country has witnessed the value of USD 81.8 Billion during April-December 2021. It was USD52.9 Billion last year during the same period. Thus the Engineering Goods sector has registered the impressive growth and it constitutes more than 27% of the country’s total exports basket.
Such stupendous growth has been registered across the top five export destinations of the country for Engineering Goods sector. It includes USA (14.7%), China (5.8%), UAE (5.1%), Italy (4%) and Germany (3.4%) in terms of the export of Engineering Goods.
This growth has been largely due to Zero duty Export Promotion Capital Goods scheme introduced by the Ministry of Commerce & Industry. It forms the part of Foreign Trade Policy (FTP) of the Government. To provide policy stability during the pandemic the present Policy extended for the year 2021-22.
The Engineering Goods sector comprises of industrial machinery, metal products, transport equipment, automobiles and its components, bicycles, transport equipment, renewable equipment and medical devices.